Exploratory testing is described as a thoughtful, focused, and disciplined approach similar to solving quests or puzzles in a game. The tester designs and executes tests simultaneously based on information gained from previous tests, unlike scripted testing which follows a predetermined plan. It requires skills like observation, critical thinking, generating diverse ideas, and using various resources to test effectively. Both exploratory and scripted testing have benefits depending on the context, but exploratory is best suited for tasks like testing where the path is not fully known in advance.